Microtest announces extension of stock buyback program.
Through Dec. 15, 1995, the company had repurchased 164,500 shares under the program, which was scheduled to expire on Dec. 31, 1995. Recently, the board extended the program through the end of 1996 and authorized the repurchase of an additional 500,000 shares through open market purchases.
Richard G. Meise, Microtest's chief executive officer stated, "Our balance sheet is very strong, with $20 million in cash. While we continue to look at strategic acquisitions as a means to deploy some of our cash reserves, we believe that at current prices one of our most attractive investment options is in our own stock."
Microtest's Chief Financial Officer, Richard R. Douglas, added, "With the recent negative activity in the high tech sector, we believe Microtest stock will prove to be a sound investment opportunity for our cash going forward. In this regard we are pleased with our overall operating results in 1995, despite a recent downturn in certain markets that affected our fourth quarter performance."
Founded in 1984, Microtest is a leading worldwide manufacturer of diagnostic certification and connectivity products for Local Area Networks (LANs). Microtest's mission is to make information technology easy to apply. The company has pioneered several networking products, such as PentaScanner(TM), Compas(TM) and DiscPort(TM).
Microtest is headquartered at 4747 North 22nd St., Phoenix, AZ. Microtest's European headquarters are located at 2A Kingfisher House, Northwood Park, Gatwick Road, Crawley, West Sussex, RH10 2XN, United Kingdom. Microtest's stock is traded on the NASDAQ National Market System under the symbol MTST.
CONTACT: Microtest Inc., Phoenix
Richard G. Meise or Richard R. Douglas, 602/952-6400
Registered Communications Group, Scottsdale, Ariz.
Max Ramras or Joe Diaz, 602/998-7555
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|Date:||Jan 23, 1996|
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